Selling gold online can be a great way to make some extra cash, but with so many different online buyers and marketplaces, it can be tricky differentiating between reputable, well-established sites and less scrupulous ones.
The good news is, selling gold online can be perfectly safe, as long as you research your options carefully and follow the tips provided in this article.
How to sell gold jewellery safely
If you’re selling gold online for the first time, you may be wondering what to do and where to begin. The following steps should help you get started:
Know your gold
The first thing you should do before you start looking online is to identify your gold’s carat, weight, condition and design. Our article How to check if gold is real at home provides some great tips on establishing your gold’s potential value. Keeping up to date with the current market price of gold will enable you to identify if a buyer is offering a price significantly below the market rate. You can also consider having your gold independently appraised by a certified professional.
Research online gold-buying platforms
Perform a thorough background check on potential online gold buyers. Look at ratings, customer reviews, company's longevity and keep an eye out for potential red flags. Use gold buyer comparison sites to help you find the most reputable companies. You might also find it useful to create a checklist to help pick the best sites, including questions such as:
- What do their previous customers say about them?
- Do I have to pay to have my items returned?
- How much insurance will I get sending via post?
- When and how can I get a pay out?
- When and how does the gold buyer return my items?
- Where is the gold buyer based?
Request an insured prepaid post pack
If you are selling your items to an online gold buyer, make sure they include an insured prepaid mailing pack as part of their service. If a company doesn’t provide insurance for the full value of your items, this may well be a red flag and you should consider looking elsewhere.
Keep all related documentation
Keep a paper trail of every step of the selling process, including all communications with the buyer. Take pictures of your items and make a note of any identifying features. Should any problems occur, these records will be vital for dispute resolution.
Choose a secure payment method
Most reputable buyers will offer payment options such as a bank transfer or cheque. Be wary of companies offering anything other than a secure payment method and establish how long it will take you to receive your payment prior to posting your items.
Is it better to sell gold online?
Selling gold online can be a simple and hassle-free way of making some extra cash. However, just as selling gold offline has its pros and cons, using online platforms also comes with advantages and disadvantages:
Advantages
- Convenience: Using an online platform is convenient because you can do it from the comfort of your own home. You don’t have to visit multiple shops or dealers to get quotes or appraisals.
- Competition: The internet exposes you to a larger and more diverse market of buyers who may be willing to pay more for your gold than local businesses and consumers. You can also reach buyers who are looking for specific types of gold items that may not be available in your area.
- Transparency: Selling gold items online allows more transparency and control over the process and the price. You can see the live prices of gold on various websites and platforms and can also set your own price and terms for your gold items.
Disadvantages
- Risk: Selling anything online will always come with some risk of fraud, theft or loss. Whether it’s scammers trying to trick you into sending your gold without paying you or your gold items going astray during shipment, you should always familiarise yourself with the risks before committing to a sale.
- Fees: Some gold buying sites may include fees or charges that reduce the amount you will receive, such as listing, commission or transaction fees. Some shipping companies may also charge postage or customs fees.
- Time: Selling gold online may take longer than selling it offline. You may have to wait for buyers to bid on your items, accept your offer or pay you. You may also have to wait for your gold to be shipped, delivered and verified by the buyer.
Is it safe to sell gold on eBay?
Selling your gold items on eBay can be safe as long as you take the appropriate precautions. While eBay offers a large marketplace with many potential buyers, it also requires careful navigation. The platform has built-in seller protection policies, but to ensure maximum safety, make sure to:
- Describe your gold accurately
- Include clear photographs
- Communicate promptly with potential buyers
- Opt for insured and trackable shipping to protect you against loss or damage
- Be cautious of buyers with low feedback scores or negative reviews.
Remember that eBay and PayPal fees will affect any profit made from the sale, so factor these into your listing price.
Looking to sell your gold online safely?
We hope this article has helped address any reservations you have regarding selling your gold online safely. Just remember – the more preparation you do beforehand, the more likely it is you’ll have a smooth and safe selling experience. By following the steps highlighted here, we are confident you will be able to sell your gold online without getting scammed, securing the best price possible for your gold items.
For more information about the gold selling process, take a look at our article How to sell gold online or visit the Gold Selling Process section of our website.
